Businessman Tony O'Reilly is expected to file for bankruptcy in the Bahamas later today.

Mr O'Reilly, formerly the largest shareholder in Independent News and Media, has been a resident in the Bahamas since the 1990s.

According to the Sunday Business Post, the Bahamas Court has appointed an interim receiver over unencumbered assets. Mr O'Reilly is now expected to file for bankruptcy and a hearing is due to take place later today.

At his peak Mr O'Reilly, who also played rugby for the Irish national team, was often recognised as Ireland's first billionaire, with his shares worth between €900m and €1bn.

His wealth was wiped out when he pumped hundreds of millions into Waterford Wedgeford in a failed attempt to save the business at the same time as his shares in Independent News and Media collapsed in value.

He has sold many of his assets, including his house on Fitzwilliam Square and his family holiday home in Cork, in an attempt to repay his creditors.

Last month, Mr O’Reilly failed to overturn a High Court order that required him to provide additional information to AIB about his assets.